Developer Gerry Gannon has been ordered by the High Court to pay an investment company €320,667 arising from his failure to complete the purchase of a lease for a building next door to his Dublin 4 headquarters.

However, Ms Justice Mary Laffoy agreed to a stay on her order on the basis of Mr Gannon undertaking to pay the rent on the property pending his Supreme Court appeal against her decision.

The damages arise after Liberty Asset Management, a subsidiary of Friends First, last week won its action against Mr Gannon over a 2006 deal in which he was to take on the lease.